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Larsen & Toubro Said to Consider $700 Million Loan for Metro

Jan. 23 (Bloomberg) -- Larsen & Toubro Ltd., India’s biggest engineering company, may borrow as much as $700 million to fund a mass transit rail project in the southern city of Hyderabad, according to a person with direct knowledge of the matter.

The company, based in Mumbai, will determine whether to seek the loan after Hyderabad Metro Rail Ltd., the planned operator of the railway system, decides on importing coaches and other fixed assets, the person said, asking not to be identified because the details are private. The borrowing may have a maturity of as much as 12 years, the person said.

Deepak Morada, a spokesman at Larsen & Toubro, declined to comment when contacted on his mobile phone.

L&T Metro Rail Hyderabad, a unit of Larsen & Toubro, last year began marketing a 114.8 billion rupee ($2.28 billion) loan maturing in 2026, according to data compiled by Bloomberg. The rupee-denominated facility, arranged by State Bank of India, offers an interest rate of 10.5 percent, the data show.

Larsen & Toubro has $4.95 billion of debt due by the end of 2025, according to data compiled by Bloomberg.

To contact the reporter on this story: Anurag Joshi in Mumbai at ajoshi53@bloomberg.net

To contact the editor responsible for this story: Beth Thomas at bthomas1@bloomberg.net

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